Monthly Archives: August 2014

The TAMI (tech, advertising, media, and information) sector has increasingly migrated to the Penn Plaza/Garment District—the sector’s office footprint in the submarket has grown to 21 percent from 14 percent in 2012.

Though the TAMI sector occupies 46 percent of the neighboring Chelsea submarket, the sector’s Penn

The below post was originally shared on LinkedIn by Colin Dyer, who suggested that as opposed to seeing the World Cup as a period of lost business productivity, it could instead be viewed as a month-long management seminar. And even though time has now passed since the German team were crowned champions, the lessons… Read More

JLL’s quarterly perspective reports that an abundance of equity, new capital formation and improving debt liquidity are supporting a robust global commercial real estate investment market. With the market on track to achieve the highest transaction volumes since 2007, JLL’s forecasts for full-year 2014 have been upgraded. In the occupational… Read More

JLL recently released its Manhattan Office Outlook – a monthly wrap-up of leasing activity in Manhattan, including Class A vacancy and asking rates, along with a snapshot of conditions in capital markets. Report highlights are as follows:

Midtown Manhattan
Though leasing activity in Midtown was light for July, the Midtown Class A vacancy rate decreased to 11.2 percent… Read More

FIRE (Finance, Insurance, Real Estate) tenants currently seek smaller footprints relative to other sectors, likely due to fluid leasing activity at the top end of the market. These companies are the most active in the market (26.4 percent of total current demand) as economic conditions

Over the past three years, the program has generated a total of approximately $7.5 million in energy savings. These savings are the result of continued enhancement of the iconic building’s new systems and the addition of many new tenants occupying hundreds of thousands of square feet of office space retrofitted according to program guidelines.

In 2009, Empire State Realty Trust and the Clinton Climate Initiative Cities program, an aligned partner of the C40 Cities Climate Leadership Group, assembled a coalition of leading organizations focused on energy efficiency and sustainability. The team, comprised of the ESB, JLL, Johnson Controls (JCI), and Rocky Mountain Institute (RMI), developed the now-implemented ESB energy-efficiency program, designed to reduce costs, increase real estate value and protect the environment. The comprehensive retrofit was launched by the ESB, President Bill Clinton and Mayor Michael Bloomberg in the same year.

“The Empire State Building retrofit project has dramatically exceeded projected energy savings for the third straight year, reducing costs by millions of dollars,” said Anthony E. Malkin, Empire State Realty Trust Chairman, President and CEO.

“As we continue our energy efficient installations for incoming tenants, we are confident we will meet and exceed our completed project goal of saving $4.4 million dollars each year. As for now, we are ahead of our projections and that means more savings and more returns on our investments to date.”

President Bill Clinton also commented on the success of the program.

“Five years into the retrofit of the Empire State Building, we have seen carbon emission reductions and cost savings that show this is a model for the rest of the country,” said President Clinton.

“Not only do investments like this help protect the environment and put people back to work, they pay for the cost of the improvements and generate additional savings into the future.”

The retrofit project focused on eight innovative improvement measures addressing core building infrastructure, common spaces and tenant suites. Improvement measures performed by JCI and JLL included the refurbishment of all 6,514 windows, installation of insulation behind all radiators, a chiller plant retrofit, new building management systems controls, new revenue-grade meters serving the entire building, and a web-based tenant energy management system.

The core base building retrofit is complete, with the balance of the project to be finished as new tenants build out high-performance workspaces. Once all tenant spaces are upgraded, the building is expected to save at least $4.4 million a year, at least a 38 percent reduction of energy use.

Wasserberger and Schneider honored in group of 50 women who have shaped New York City

JLL Managing Director, Cynthia Wasserberger, and Senior Vice President, Dana Schneider, were recently featured in Bisnow’s “New York Power Women 2014” email series, which profiled 50 women Bisnow considers to have impacted New York City’s built environment. These hard-working, high-achieving NYC commercial real estate power women are set to be honored in person at a Bisnow event… Read More